DUBLIN, May 23, 2023 /PRNewswire/ -- The "In Vitro Diagnostic Market by Product Type, Technique, Application, and End-User Industry - Global Opportunity Analysis and Industry Forecast 2023-2030" report has been added to
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The In Vitro Diagnostic Market size was valued at USD 91.25 billion in 2022, and is predicted to reach USD 118.57 billion by 2030, with a CAGR of 3.2% during the forecast period, 2023 to 2030.
Growth in awareness regarding importance of early detection and prevention of diseases, which leads to better outcomes for patients, propels the market growth. Moreover, rapid advancements in medical technology and research such as point-of-care (POC) strengthen the market growth.
However, high cost of diagnostic tests can be a barrier for some patients, especially those without insurance or with high-deductible plans. This can limit use of diagnostic testing and prevent some individuals from accessing the healthcare they need.
On the contrary, introduction of various technologies such as biotechnology, which leads to development of many innovative diagnostic tests, such as polymerase chain reaction (PCR), immunoassays, microarray, next-generation sequencing (NGS), and biosensors that improves accuracy and efficiency of diagnostic testing further propels the market growth.
These factors are expected to create ample opportunities for key players operating in the IVD market in the coming decade.
North America holds the major market share
North America is a large and dynamic market, owing to factors such as an aging population, increase in incidences of chronic diseases, and advances in technology. It is characterized by a high degree of innovation, with many companies developing new products and technologies to meet changing needs of the healthcare system. Moreover, increase in demand for early disease detection and personalized medicine is expected to grow in the coming years. The market is also driven by rise in adoption of advanced technologies such as digital pathology, companion diagnostics, and personalized medicine. Increase in adoption of laboratory automation and use of big data analytics in the diagnostic process is also expected to drive the market growth.
The IVD industry in North America is highly regulated, with companies subjected to strict guidelines and requirements set by regulatory bodies such as the Food and Drug Administration (FDA) and Health Canada to ensure safety, efficacy, and quality of products. For instance, in July 2020, Becton, Dickinson and Company obtained Emergency Use Authorization from the U.S. FDA for its fast diagnostic test for SARS-CoV-2, which uses BD Veritor Plus System and generates results within 15 minutes. Becton, Dickinson and Company launched BD COR MX instrument, it integrates and automates the complete molecular laboratory workflow, from sample processing to diagnostic test result for large, high-throughput labs BioMerieux introduced MYACUTECASE, a free mobile application that helps in interpreting the results of emergency and critical care biomarker tests using VIDAS. This app support clinicians in the decision-making and monitoring of patients using emergency and critical care diagnostics. Emerging and efficient key players in the in vitro diagnostic industry include companies such as:
Beckton, Dickinson & Company
1.4.5 Primary Research and Data Validation
3.1. Market Definition and Scope
3.2.1.2. Rapid Advancements in Medical Technology and Research Strengthens the Market
3.2.1.3. Awareness of Early Detection and Prevention of Diseases Among Individuals
3.2.2.1. High Cost of Ivd Restraints Industry Growth
3.2.2.1 Stringent Regulatory Policies to Impede the Growth of the Market
3.2.3.1. Introduction of New Technology in Ivd to Introduce Future Opportunities
3.2.3.1 Evolution in the Technologies Allows Future Market Prospects
4. Global in Vitro Diagnostics (Ivd) Market, by Product Type
4.4. Software and Services
5. Global in Vitro Diagnostics (Ivd) Market, by Technique
5.7. Other Ivd Techniques
6. Global in Vitro Diagnostics (Ivd) Market, by Application
6.6. Nephrological Diseases
7. Global in Vitro Diagnostics (Ivd) Market, by End-user
7.2. Stand Alone Laboratory
7.4. Academics and Medical Schools
7.5. Point of Care Testing
For more information about this report visit https://www.researchandmarkets.com/r/538t3p
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